$BTC: Only ‘Matter of Time’ Until Bitcoin Gets to the $100K Level, Says Bloomberg Strategist
Earlier this week, Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (Bloomberg’s research arm on the Bloomberg Terminal”), shared his latest thoughts on Bitcoin.
His comments were made during an interview with Daniela Cambone, Editor-at-Large and Anchor at Stansberry Research.
According to a report by The Daily Hodl, McGlone told Cambone:
“So Bitcoin, I think it’s [only] a matter of time [until] it appreciates towards that $100,000 level. And at some point, it’s going to just slip in and kick into that bull market – maybe at the same time gold and treasury bonds do in terms of price.
“The key thing right now [is] it’s getting pounded, but it’s the most discounted it’s ever been on a 100-week and 200-week moving average and it’s simple facts of supply-demand adoption looking forward to the next five or 10 years. Supply is going down by code. Demand and adoption are going up.“
Last week, Nigel Green, the CEO of UAE-headquartered deVere Group, which is “one of the world’s largest independent international financial consultancies”, talked about how serious long-term investor are taking advantage of the volatility in the crypto market.
“Markets are now predicting that policymakers at major central banks, including the U.S. Federal Reserve and Bank of England, are likely to remain resolute in pumping up interest rates in their battle to beat down unexpectedly stubborn inflation… Five powerful officials of the world’s most influential central bank, the Fed, in comments made on Thursday, maintained a hawkish theme that inflation remains far too high and they won’t be put off raising rates… We expect a 75 basis-point hike when they gather 1-2 November…
“Meanwhile, members of the Bank of England’s Monetary Policy Committee have been delivering pretty clear hints that they will push through a big increase in rates when the MPC next meets on 3 November…
“Given Bitcoin and Ether’s current correlation with stock markets, we anticipate further, perhaps heightened, volatility in the crypto market before the end of 2022… However, for serious investors this will not necessarily be seen as a bad thing… The major investors, including institutional ones, will treat it in the same way as turbulence in any other market…
“Some of the world’s best investors consistently use market volatility as major buying opportunities in traditional financial markets – and the cryptocurrency market is now no different… When used effectively and efficiently, volatility can be an extremely powerful investment strategy… Savvy, long-term crypto investors will be looking to benefit from panic-sellers by buying their digital currencies ‘on the cheap’ to enhance their investment portfolios… Serious investors will not be spooked by further volatility. This isn’t their first rodeo.“
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